The Haveland-BlackRock JV acquired the property from Clayton Park LLC, an entity controlled by The Spinnaker Companies, a Stamford-based developer. Other managing principals are Daniel Hidalgo and Frank Cantatore, both White Plains investors.

BlackRock Realty was the advisor for a unit of Calpers (The California Public Employees Retirement System) who, with Haveland, is an investor in the property. Clayton Park, built in 2003, is 95% leased and also has a 340-car structured parking garage.

Philip D. Restifo, president of Haveland Estates, LLC, says of the deal, "White Plains continues to hold promise for renters and more than 90% of the available apartment units are leased. Clayton Park Apartments, a Westchester Industrial Development Agency project, demonstrated tremendous upside potential and signifies the continued growth and revitalization of the White Plains residential community."

He adds that the project received incentives from the county IDA during the construction phase, and receives some breaks on its real estate taxes through a PILOT agreement.

Restifo says that Haveland Estates was formed in 2005. Its only other asset is Cricket Lake Apartments, a 188-unit condo community in Naples, FL, that it purchased earlier this year for $20 million

."Haveland Estates, LLC is capitalized to acquire several new properties over the next two to three years, and the firm is always in negotiation on numbers of new acquisitions," he says. "We expect to complete at least one additional major purchase by the end of the year."

He adds that his firm is currently reviewing several other acquisitions in the New York metro area and a couple in Boston. Before forming Haveland Estates, Restifo was president and CEO of the Greenwich-based development firm J.S. Karlton Co.